SEC set to approve Bitcoin spot ETF this week?

While the U.S. regulator has so far rejected all requests for Spot ETFs on Bitcoin, l’crypto industry is more than ever confident for a approval in this start from week.

The U.S. Security and Exchange Commission is expected to rule on several filings for spot exchange-traded funds on the market’s leading cryptocurrency by Wednesday, January 10.

Managers who have filed applications for Cash ETFs on Bitcoin have until this Monday morning to make changes to their filing, according to Bloomberg.

Issuers of this type of fund have been trying for several years to get the SEC to bend, but so far it has justified its refusals on the grounds of lack of investor protection and market manipulation.

The regulator’s recent defeat of fund manager Grayscale, however, has fuelled investor hopes that such a product will be approved. As a result, major TradFi players, including BlackRock, entered the race last year.

The potential approval, which pushed Bitcoin’s price up in 2023, could therefore take place before Wednesday, January 10. For this to happen, two conditions must be met.

The federal agency must validate the 19b-4 filings of US exchanges, such as Nasdaq, which would list the funds. Also, the SEC must approve the S-1 forms of potential issuers, which also include Franklin Templeton and Fidelity.

On Friday on X, another candidate, VanEck, said that, if approved, he planned to give back 5% of its spot ETF profits to support Bitcoin Core developers.

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